'1st-Generation Select Shop' Kasina Expects a New Leap Forward by Focusing on its Core Business, Overcoming the 'Growing Pains' of Investment Failures

Starting as a small skateboard shop in Busan in 1997, Kasina has established itself as Korea's representative first-generation street fashion select shop by successfully launching a series of limited-edition collaboration shoes with global brands such as Nike and Adidas. However, Kasina, which had been on a roll, recently experienced a bitter investment failure.

In 2022, Kasina drew industry attention by attracting a massive 40 billion won investment from private equity fund (PEF) operator Arc & Partners. At the time, it is estimated that about 25 billion won in funds flowed in through the issuance of new shares, while the rest was made up of secondary share transactions.

Having secured ample cash, Kasina set out to expand its outward growth in 2022 by acquiring H9Pitch Studio, which operates the football web magazine and football select shop 'Over The Pitch,' and by investing in a stake in Platon, the operator of the limited-edition sneaker release platform 'Shoeprize.' However, as the acquired H9Pitch Studio eventually went through bankruptcy proceedings, Kasina suffered a financial blow.

[Source: Kasina Homepage]

13.6 Billion Won Loss Just from the Bankruptcy of Subsidiary H9Pitch Studio

The aftermath of the bankruptcy was fully reflected in the financial statements. Bad debt expenses, which were only at the level of 30 million won in 2024, surged to a staggering 3.03 billion won in 2025. This is because approximately 2.66 billion won in trade receivables owed by the bankrupt H9Pitch Studio were recognized as fully impaired.

The damage did not end there. The 7.19 billion won in loans and approximately 220 million won in accrued interest that Kasina had lent to the company were also deemed entirely unrecoverable, resulting in a total of 7.41 billion won being recognized as 'other bad debt expenses' under non-operating expenses. In addition, an impairment loss on available-for-sale securities of approximately 3.54 billion won was additionally reflected for the stake in H9Pitch Studio Co., Ltd., reducing its book value to '0 won.' As a result, a massive loss of nearly 13.6 billion won occurred from H9Pitch Studio alone.

Securing Financial Soundness through Asset Sales... "Will Overcome Growing Pains and Focus on Core Business"

Despite these losses, Kasina is laying the groundwork for a rebound by securing financial soundness through swift asset streamlining measures. When its DT contract with Stüssy ended, Kasina actually used this as an opportunity for proactive response, signing a contract in December 2025 to sell its land and building in Sinsa-dong for 26 billion won, and secured massive cash by completing the receipt of the balance at the end of January 2026. The company used 15 billion won of the secured proceeds from the sale immediately to repay borrowings, turning it into an opportunity to proactively strengthen its financial soundness.

The investment failures involving H9Pitch Studio and others have certainly been a bitter lesson for Kasina, but on the other hand, it seems they will serve as a solid foundation allowing the company to refocus on its most powerful weapon, its core business of 'select shop operations.'

The termination of the Stüssy distribution contract and the bankruptcy of its invested company will be unpleasant memories for Kasina, but if regarded as 'growing pains' experienced to mature a step further as a company, this could be a positive turning point. Having pioneered the culture in a barren land for street fashion, we look forward to seeing Kasina use its past regrets as nourishment for growth and perform even more brilliantly on its original stage in 2026.